With alarming speed, the COVID-19 pandemic delivered a series of unprecedented global shocks to health and economic systems around the world. These shocks and other transnational challenges, like accelerated climate change and geopolitical conflict, have emerged against a backdrop of scarce resources and competing domestic priorities. The multilateral development bank (MDB) system, a crucial source of finance for developing countries, still isn’t always equipped to tackle global challenges that defy national borders or invest in global public goods, like pandemic preparedness or the conservation of our natural capital.

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